Developing a Failure Standard

A small business owner will typically work hard to develop a clear standard for achieving a successful outcome, which makes it possible to recognize success when it happens. Yet it’s also critical to set up a measurement for determining when it is time to stop investing in someone or something—an advertising campaign, a marketing effort, or even a new employee. Lacking such a failure standard, we are informed mainly by opinions and hopes, which can lead us to make choices that drain vital resources for too long.

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